Commercial Property
Rising tide of back-to-work will lift office market next year
A thriving 2024 will be the silver lining to current subdued occupier and investor sentiment, writes
The office occupier market was subdued in 2023, reflecting the more difficult backdrop being faced by companies, including persistent interest rate increases, stubborn inflation and evolving workplace strategies.
Just 120,774 to about 140,000 square metres will transact this year compared to 241,548 square metres in 2022.
Cautious demand coincided with the completion of approximately 102,200 square metres of speculative new-build space and the release of some 120,774 square metres of grey market space.
As such, ...
